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Shtirlitz [24]
3 years ago
15

A relatively steep demand curve indicates that a. quantity demanded will not adjust to a price change. b. quantity demanded will

adjust only slightly to a price change. c. quantity demanded will adjust significantly to a price change. d. the change in quantity demanded will exactly equal a change in price.
Business
1 answer:
Scilla [17]3 years ago
8 0

Answer:

The correct answer is option b.

Explanation:

A steep demand curve implies that the demand is relatively inelastic. In other words, a significant change in price will cause a small change in the quantity demanded.  

A flatter demand curve, on the contrary, implies that a small change in price will cause a greater change in quantity demanded. In other words, demand is relatively elastic.  

A change in price will not cause demand to change if the elasticity of demand is perfectly inelastic or when the demand curve is a vertical line.

A change in demand will be equal to the change in price if demand is unitary elastic.

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The owner of a quick oil-change business charges $ 20 per oil change and has 40 customers per day. If each increase of $ 2 resul
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Answer:

maximum income is $900

Explanation:

given data

oil change = $20

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increase = $ 2

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solution

we know current income is 40 × 20

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we consider here price increase x and income as function y

so y = (20 +2x) × ( 40 - 2x)    ........1

y = −4x² + 40x + 800

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so here from 1

y = (20 +2x) × ( 40 - 2x)

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2 years ago
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Answer:

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Explanation:

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